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Bond Sales - Recent Issues

Note: All bond issues are tax exempt unless otherwise noted in Title of bond issue.

General Revenue Refunding Bonds, Series K

Official Statement - Series K PDF 

Par Amount: $743,865,000

New Money Generated: $0

Closing Date: December 17, 2014

Dated Date: December 17, 2014

First Maturity: 01/01/2019

Final Maturity: 01/01/2032

Interest Payment Dates: July 1 and January 1, commencing July 1, 2015

Call Provisions: 01/01/2025 @ 100%

TIC (True Interest Cost): 3.4031%

Purpose of Issue: To provide funds to refund a portion of the Authority's General Revenue Bonds, Series F, Series G and Series I and to pay the Costs of Issuance of the Series K Bonds.

Security: Pledge of revenues as established under the Bond Resolution.

Pricing Dates: 
Retail – 12/02/14
Institutional – 12/03/14
Award – 12/04/14

Insured by: Assured Guaranty Municipal Corp has insured payment of the bonds maturing on January 1, 2028 (5% rate, 2.88% yield, CUSIP #650009H30), January 1, 2031 (4% rate, 3.26% yield, CUSIP #650009H63) and January 1, 2031 (5% rate, 3.07% yield, CUSIP #650009H71).

Ratings (Moody's & S&P):
A/A2 (uninsured)
A2/AA (insured)

Bookrunner: Goldman, Sachs & Co.

Co-Coordinating Manager: Ramirez & Co., Inc.

Co-Senior Managers:  
Citigroup
Wells Fargo Securities

Co-Managers:        
CastleOak Securities, L.P.
Janney Montgomery Scott
Loop Capital Markets
TD Securities

Bond Counsel: Hawkins Delafield & Wood L.L.P.

Co-Bond Counsel: Hardwick Law Firm, LLC

Underwriters' Counsel: Nixon Peabody LLP

Financial Advisor: Public Resources Advisory Group

Trustee: The Bank of New York Mellon

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General Revenue Bonds, Series J

Official Statement - Series J PDF 

Par Amount: $677,460,000

New Money Generated: $350,000,000

Closing Date: February 6, 2014

Dated Date: February 6, 2014

First Maturity: 01/01/2015

Final Maturity: 01/01/2044

Interest Payment Dates: July 1 and January 1, commencing July 1, 2014

Call Provisions: 01/01/2024 @ 100%

TIC (True Interest Cost): 4.0901%

Purpose of Issue: To fund a portion of the cost of the Authority's Multi-Year Capital Program, to provide funds to refund a portion of the Authority's General Revenue Bonds, Series F and Series G, to make a deposit to the Senior Debt Service Reserve Fund and to pay the Costs of Issuance of the Series J Bonds.

Security: The Series J Bonds are direct and general obligations of the Authority secured by a pledge of revenues as established under the Bond Resolution.

Pricing Dates: 
Retail – 01/21/14
Institutional – 01/22/14
Award – 01/23/14

Insured by: None

Ratings:   
S&P = A (Stable)
Moody's = A2 (Stable)

Bookrunner: Barclays Capital Inc

Co-Coordinating Manager: Siebert Brandford Shank & Co., L.L.C.

Co-Senior Managers:  
Goldman, Sachs & Co.
Jefferies
J.P. Morgan

Co-Managers:        
BMO Capital Markets
Fidelity Capital Markets
M.R. Beal & Company
Roosevelt & Cross Incorporated
Southwest Securities Inc.
Stifel, Nicolaus & Company, Incorporated

Bond Counsel: Hawkins Delafield & Wood L.L.P.

Co-Bond Counsel: Bryant Rabbino L.L.P.

Underwriters Counsel: Hiscock & Barclay, L.L.P.

Financial Advisor: First Southwest Company

Trustee: The Bank of New York Mellon

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General Revenue Junior Indebtedness Obligations, Series 2013A

Official Statement - Series 2013A PDF 

Par Amount: $1,600,000,000

New Money Generated: $1,210,980,226.37

Refunding Series 2013B BANs: $606,197,112.54

Closing Date: 12/18/13

Dated Date: 12/18/13

Single Maturity:  05/01/19

First Interest Payment Date: 07/01/14

TIC (True Interest Cost): 2.27%

Purpose of Issue: The Series 2013A Junior Indebtedness Obligations are being issued (i) to fund a portion of the cost of the Authority's New NY Bridge Project, a twin span replacement of the Tappan Zee Bridge, (ii) to provide funds to refinance the principal and accrued interest on the Authority's General Revenue Bond Anticipation Notes, Series 2013B, (iii) to pay capitalized interest on the Series 2013A Junior Indebtedness Obligations through December 31, 2017, and (iv) to pay the Costs of Issuance of the Series 2013A Junior Indebtedness Obligations.

Insured by: Assured Guaranty Municipal Corp, for the $45,675,000 aggregate principal amount of Series 2013A Junior Indebtedness Obligations maturing on 05/01/19 with a 5% coupon and priced to yield 2.00% (CUSIP 650010AC5).

Ratings (Moody's'/S&P):   
A3/A- (uninsured)
A2/AA- (insured)

Bookrunner: Citigroup Global Markets Inc.

Co-Coordinating Manager: Loop Capital Markets LLC

Senior Managers:  
BofA Merrill Lynch
Morgan Stanley
RBC Capital Markets
Wells Fargo Securities

Co-Managers:   
M.R. Beal & Company
CastleOak Securities, LP
Goldman, Sachs & Co.
Janney Montgomery Scott
Ramirez & Co., Inc.
Roosevelt & Cross, Incorporated

Bond Counsel: Harris Beach PLLC

Co-Bond Counsel: Lewis & Munday, A Professional Corporation

Financial Advisor: Public Resources Advisory Group (PRAG)

Co-Financial Advisor: Acacia Financial Group

New NY Bridge Financial Advisor: Ernst & Young Infrastructure Advisors, LLC

Trustee: The Bank of New York Mellon

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General Revenue Bond –Bond Anticipation Notes, Series 2013B (sold via private placement)

Par Amount:  $700,000,000

New Money Generated:  $197,431,507

Refunding Series 2013A BANs: $502,568,493

Closing Date:  09/25/2013

Final Maturity:  12/31/2013

Interest Payment Date:  12/31/2013

TIC (True Interest Cost):  .189042%

Purpose of Issue:  The Series 2013B BANs were issued to (i) redeem the Authority's outstanding Series 2013A Bond Anticipation Notes, (ii) to pay for ongoing costs of the New NY Bridge (replacing the original Tappan Zee Bridge),  and (iii) to pay the Costs of Issuance of the Series 2013B Notes.

Insured by: None

Ratings:  Not Rated

Purchaser:  Citibank, NA

Bond Counsel:  Harris Beach PLLC

Co-Bond Counsel:  Hardwick Law Firm, LLC

Financial Advisor:  Public Resources Advisory Group (PRAG)

Trustee:  The Bank of New York Mellon

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2013A State Personal Income Tax Revenue Bonds (Transportation)

Official Statement - Series 2013A PDF 

Par Amount:  $231,000,000

New Money Generated:  $250,000,000

Closing Date:  07/11/2013

Dated Date:  07/11/2013      

First Maturity:  03/15/2015

Final Maturity:  03/15/2033

Interest Payment Dates:  March 15 and September 15, commencing March 15, 2014

Call Provisions:  03/15/2023 @ 100%

TIC (True Interest Cost): 3.844408%

Purpose of Issue:  To make grants to reimburse municipalities and other  project sponsors throughout the State for qualifying capital expenditures for highway, bridge and multi-modal capital projects and pay certain costs relating to the issuance of the series 2013A Bonds. The proceeds also may be used to finance other transportation projects as permitted under the program legislation and State Transportation Revenue Bond Resolution.

Security:  The bonds are payable from and secured by revenues in the Revenue Bond Tax Fund, subject to annual appropriation by the State Legislature. The Revenue Bond Tax Fund receives a statutory allocation of 25% of NYS personal income tax receipts.

Pricing Date: 
06/26/2013 (A separate retail order period was not provided)
Award – 06/27/2013

Ratings:   
S&P = AAA
Fitch= AA

Bookrunner: Morgan Stanley & Company, LLC

Co-Coordinating Senior Manager:  Ramirez & Company

Co-Senior Managers:       
Barclays Capital Inc.
RBC Capital Markets
Raymond James Associates, Inc.

Co-Managers:        
MR Beal & Company
CastleOak Securities, LP
Janney Montgomery Scott LLC
BMO Capital Markets GKST, Inc.
Siebert Brandford Shank & Co., LLC
Southwest Securities, Inc.

Co-Bond Counsel:            
Hawkins, Delafield & Wood, LLP
Gonzalez Saggio & Harlan LLP

Co-Underwriters Counsel:         
Hiscock & Barclay LLP
Law Offices of Joseph C. Reid, PA

Co-Financial Advisors:    
Public Finance Management (PFM)
Acacia Financial Group, Inc.

Trustee: The Bank of New York Mellon

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General Revenue Bonds – Series 2013A Bond Anticipation Notes (sold via private placement)

Par Amount:  $500,000,000

New Money Generated:  $500,000,000

Closing Date:  02/07/2013

Final Maturity:  09/30/2013

Interest Payment Date:  09/30/2013

TIC (True Interest Cost):  .1896% (through 07/31/13)

Interest Rate 08/01/2013 through 09/30/2013:  SIFMA + 17bps

Purpose of Issue:  The Series 2013A BANs were issued to provide sufficient funds to fund initial New Tappan Zee Bridge Project (The New NY Bridge) costs and certain other Authority project costs in the short term.

BAN Pricing Date:  01/30/2013

Insured by: None

Ratings:  Not Rated

CUSIP: 650009ZF3

Purchaser:  Barclay's Capital, Inc.

Bond Counsel:  Harris Beach PLLC

Co-Bond Counsel:  Bryant Rabbino, LLP

Financial Advisor:  Public Resources Advisory Group

Trustee and Calculation Agent:  The Bank of New York Mellon

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